Durable goods report helps boost stocks

NEW YORK (AP) - Wall Street posted a sizable advance yesterday after the government reported a larger-than-expected increase in orders for big-ticket manufactured goods.

The Department of Commerce said orders for durable goods jumped 1.3 percent in July compared with the previous month, led by a big gain in demand for commercial aircraft.

Durable goods orders reflect business spending and are also an indicator of consumer confidence.

"The strength in durable goods is just the latest indication that manufacturing is actually holding in quite well and that's a really big plus," said Stuart Schweitzer, global markets strategist at J.P. Morgan's Private Bank.

Advancing issues outnumbered decliners by about 3-to-1 on the New York Stock Exchange, where consolidated volume came to a light 3.42 billion shares.

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